5. November 2018
Skyharbour Option Partner Orano Canada Announces 2019 Exploration Budget of $2.2 Million Including Planned 4,850 Metres of Diamond Drilling at Preston Uranium Property
Vancouver, BC – Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF) (Frankfurt:SC1P) (the “Company”) is pleased to announce the Company’s option partner Orano Canada Inc. (“Orano Canada”) has announced details for their upcoming 2019 exploration and diamond drilling programs at the Preston Uranium Project located in the western Athabasca Basin near NexGen Energy Ltd.’s high-grade Arrow deposit and Fission Uranium Corp.’s Triple R deposit.
Preston Uranium Project Claims Map:
Skyharbour and Clean Commodities entered into an Option Agreement (the “Agreement”) with Orano Canada (previously AREVA Resources Canada Inc.) whereby Orano Canada has an option to acquire up to a 70% working interest in the Preston Uranium Project (see news release dated March 9th, 2017). Under the Agreement, Orano Canada will contribute cash and exploration program considerations totaling up to CAD $8,000,000 in exchange for up to 70% of the project area over six years.
Skyharbour’s President and CEO, Jordan Trimble commented: “We are excited for the upcoming commencement of exploration and drilling programs by Orano Canada at the Preston Project. With a proposed CDN $2,200,000 budget over the next year we are looking forward to the results that this significant amount of exploration can yield as we work with our strategic partner to further advance the project. Orano Canada has a very knowledgeable technical team with a long history in the Athabasca Basin, which will help to unlock value at this strategic, district-scale property. Skyharbour continues to execute on its key objectives by adding value to its project base in the Basin through ongoing mineral exploration at its flagship, high-grade Moore Uranium Project while utilizing the prospect generator model to advance its other projects with strategic partners.”
Highlights of Orano Canada’s Upcoming Exploration Programs at Preston Uranium Project:
- Orano Canada planning to carry out CDN $2,200,000 in exploration and diamond drilling programs over the next year
- A planned diamond drilling program consisting of 15 to 20 drill holes at the JL and FSA targets for a total of approximately 4,850 metres to commence in early 2019
- A ground geophysical program consisting of a Moving Loop Transient Electromagnetic (ML-TEM) survey at the Canoe Lake grid
- Orano Canada may earn up to a 70% interest in the 49,635-hectare Preston project through $8,000,000 of total project consideration over six years, including up to $7,300,000 of exploration work programs and $700,000 of cash payments
- If carried to completion, a tripartite joint venture would be formed being 70% as to Orano Canada and 30% as equally divided between Skyharbour and Clean Commodities Corp.
Preston Uranium Project Upcoming Winter 2019 Diamond Drilling Program:
Orano Canada is planning a diamond drilling program consisting of 15 to 20 drill holes for a total of approximately 4,850 metres which is proposed to commence in early 2019 for the Preston Project. Drilling will test targets defined by the 2018 EM surveys on the JL and FSA target grids. There is a possibility that some targets generated by the upcoming 2019 planned ground EM survey within the Canoe Lake area could also be tested by drilling. The estimated cost of the 2019 exploration and drilling programs is CDN $2,200,000.
Preston Uranium Project – 2018/2019 Exploration Program Map:
Proposed Drilling at JL Target:
The JL grid has no historical drilling yet a field reconnaissance performed by Orano Canada personnel in 2017 within the western portion of the grid identified several outcrops dominantly constituted of felsic to intermediate gneiss with minor granite and pegmatite. During traversing, only thorium related radiometric anomalies were detected in association with some of the pegmatites. A total of 21 drill targets have been identified within the JL grid and seven of the eight discrete basement conductors defined by the 2018 EM survey are considered viable drill targets.
Proposed Drilling at FSA Target:
The western extension of conductor FSA defined by a MaxMin feature was previously tested by historical drilling. Drill hole PN15004, a follow up to lost hole PN14009, encountered locally graphitic and sulphide-rich metasediments with a 7.5 m graphitic (<20% graphite) and pyrite bearing shear at 179 m. Alteration (clay and chlorite) was noted as moderate to strong within the shear and the drill hole returned a maximum of 1.8 ppm U over 1.0 m from 188.42 m. During the 2017 Orano Canada field reconnaissance of the FSA area, a uranium related radiometric anomaly was detected in an outcrop and two grab samples were taken from the outcrop which returned 47 ppm and 62 ppm U. Within the FSA grid, two conductors were identified on all three profiles providing six drill targets.
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